Comments from students: Wyckoff Trading Course (WTC)

Without a doubt Volume and Price Analysis topic is most fascinating as well as
difficult to comprehend especially considering many variables like Local vs February 18, 2019
broader context, Close with respect to spread, Spread range Up or Down
compared to earlier bars etc which can potentially lead two people
concluding opposite interpretation in some scenarios.

I just finished watching last session video again and it was a lot more
enlightening after completing the homework. Some of my questions were
already answered by you in last session but the concepts did not sync in Next webinar sessions for WYCKOFF PRICE STRUCTURE series:
completely when I watched them before attempting the homework. I am going February 25th at 3:00-5:30pm PST
to follow this approach of re-watching the session video after completing the
homework as it helped me answer some of my own questions which I
encountered while doing the homework. Every time I re-watch earlier videos I
learn something new that I missed earlier. Thank you again for this amazing
course.
Homework submission: All homework assignments should be submitted in ONE file per person in .pptx, .pdf or .doc
Your method made perfect sense and proved its real value to me beyond
formats. Please include your first name and the first letter of your last name in the homework file name, e.g.,
any doubt when I finally finished my homework at 1:00 AM in the morning “Thomas B_WTC Homework 1”. All assignments should be submitted to Roman’s personal email.
today and reviewed the new knowledge I have gained and the skill I have
acquired of applying this knowledge to real markets! Of course, it will take
me months of deep practice to get very good at applying this knowledge
The remainder of the WTC classes will be more interactive; students who would like to participate in discussions
and skill. This is one of the rules I learned by studying the science of should have a working headset with a built-in microphone.
expertise.
Plutarch, the Greek historian once said: the mind is not a vessel to be filled
but a fire to be kindled. Your teaching has certainly kindled in me the fire of
deep learning, curiosity, motivation and the commitment to be the best one
can be in the art of reading the markets. As a new student of your method, I
cannot expect from you, the teacher, anything more than this in learning
this method. Thank you.

www.WyckoffAnalytics.com Copyright © 2019 Wyckoff Associates, LLC. All Rights Reserved.

 Disclaimer
This presentation (including the lecture, slides and discussion) is for informational and educational purposes only; it should not be
construed as investment advice of any kind. Roman Bogomazov (Presenter) is not a registered investment advisor or broker-dealer, and
does not purport to recommend or suggest any securities to buy or sell. Presenter assumes no responsibility or liability for your trading
and investment results. You understand and acknowledge that there is a very high degree of risk of financial loss involved in trading
securities and that you alone are responsible for your own trading and investment decisions and results.

It should not be assumed that the methods, techniques, or indicators presented will be profitable or that they will not result in losses. Past
results of any individual trader or trading system published by Presenter are not indicative of future returns by that trader or system, and
are not indicative of future returns which will be realized by you. In addition, the indicators, strategies, articles and all other features of
Presenter's products are provided for informational and educational purposes only and, again, should not be construed as investment
advice. Accordingly, you should not rely solely on the Presenter’s information in making any investment. Rather, you should use the
Presenter’s information only as a starting point for doing additional independent research in order to allow you to form your own opinion
regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any
investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE
RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND DO NOT INCLUDE BROKERAGE AND OTHER FEES, OR SLIPPAGE.
ALSO, IN SIMULATED PERFORMANCE RESULTS NO TRADES HAVE ACTUALLY BEEN EXECUTED, AND THEREFORE THE RESULTS MAY HAVE
UNDER- OR OVER-COMPENSATED FOR THE IMPACTS OF A VARIETY OF MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED
TRADING PROGRAMS, IN GENERAL, CAN ALSO BE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT
ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

www.WyckoffAnalytics.com Copyright © 2019 Wyckoff Associates, LLC. All Rights Reserved.

 WYCKOFF TRADING COURSE

Session 7 1. VSA Revisited Session 8 1. Group Exercise #1

VOLUME AND PRICE 2. Group Exercise #1 VOLUME AND PRICE 2. Volume Phase Analysis
ANALYSIS 3. Homework #7: Group Exercise Notes ANALYSIS 3. Homework #7: Group Exercise Notes

2.18.2019 2.25.2019

www.WyckoffAnalytics.com Copyright © 2019 Wyckoff Associates, LLC. All Rights Reserved.

 VOLUME AND SPREAD ANALYSIS
VSA

Main idea behind the VSA analysis: Interpret the VSA signal using price structural context

www.WyckoffAnalytics.com Copyright © 2019 Wyckoff Associates, LLC. All Rights Reserved.

 Comment:
I found part 2 very confusing and challenging: VOLUME AND SPREAD ANALYSIS
-long term vs short term (how long is long and how short is short is it current swing vs previous swing?!)
-candles interpretation specially in the chart you gave us as I was seeing that CO is distributing on the
uptrend movement and that look make very very confused to interpret the price volume action specially in
ADVANCING MARKET the Re accumulation phase in the middle of the chart

Context: Uptrend Context: Uptrend 2 Context: Uptrend 3 Context: Uptrend 4 Context: Uptrend 5
Spread = Increasing
1 Spread = Decreasing Spread = Decreasing Spread = Increasing Spread = Increasing
Volume = Increasing Volume = Increasing Volume = Decreasing Volume = Decreasing Volume = Increasing
Interpretation: Normal uptrend action Interpretation: Supply attempts to stop Interpretation: Vulnerable to a reaction Interpretation: Ease of Movement (EoM) Interpretation: Massive Supply stops the uptrend
the uptrend

Increasing Spread = Increasing Result Decreasing Spread = Decreasing Result Decreasing Spread = Decreasing Result Increasing Spread = Increasing Result Increasing Spread = Increasing Result, but on Stopping Action

Increasing Volume = Increasing Effort Increasing Volume = Increasing Effort Decreasing Volume = Decreasing Effort Decreasing Volume = Decreasing Effort Massive Volume = Massive Effort

Vol > = D >> + S < Vol >> = D >> + S > Vol < = D < + S < = > Vol < = D < + S < Vol >>> = D >>> + S >>
Effort > , Result > = Bullish Effort >> , Result < = Bearish Effort < , Result < = Bearish Effort < , Result > = Bullish Effort >>> , Result >> = Bearish

www.WyckoffAnalytics.com Copyright © 2019 Wyckoff Associates, LLC. All Rights Reserved.

 VOLUME AND SPREAD ANALYSIS

DECLINING MARKET

Context: Downtrend Context: Downtrend Context: Downtrend Context: Downtrend Context: Downtrend
Spread = Increasing
6 Spread = Decreasing
7 Spread = Decreasing
8 9 10
Spread = Increasing Spread = Increasing
Volume = Increasing Volume = Increasing Volume = Decreasing Volume = Decreasing Volume = Increasing
Interpretation: Normal downtrend action Interpretation: Demand attempts to stop Interpretation: Vulnerable to a rally Interpretation: Ease of Movement (EoM) Interpretation: Massive Demand stops the
the downtrend downtrend

Increasing Spread = Increasing Result Decreasing Spread = Decreasing Result Decreasing Spread = Decreasing Result Increasing Spread = Increasing Result Increasing Spread = Increasing Result, but on Stopping Action

Increasing Volume = Increasing Effort Increasing Volume = Increasing Effort Decreasing Volume = Decreasing Effort Decreasing Volume = Decreasing Effort Massive Volume = Massive Effort

Vol > = S >> + D < Vol >> = S >> + D > Vol < = S < + D < = > Vol < = S < + D < Vol >>> = S >>> + D >>
Effort > , Result > = Bearish Effort >> , Result < = Bullish Effort < , Result < = Bullish Effort < , Result > = Bearish Effort >>> , Result >> = Bullish

www.WyckoffAnalytics.com Copyright © 2019 Wyckoff Associates, LLC. All Rights Reserved.

 Al

www.WyckoffAnalytics.com Copyright © 2018 Wyckoff Associates, LLC. All Rights Reserved.

 Group Exercise
and
Homework #7:

Exercise: Volume and Price Analysis

Price Structural Analysis
Assignment:
1. Identify the dominance of Supply or Demand on a single bar or a swing
2. Combine Price Structural Analysis with Volume Analysis
3. Make your determination about the next most probable price action
4. Label trading ranges with Wyckoff Phases and events
5. Watch the video of this exercise again and make notes. Email the notes to Roman.

www.WyckoffAnalytics.com Copyright © 2019 Wyckoff Associates, LLC. All Rights Reserved.

BAR # ANALYSIS 1 2 3 4 5 6 7 8 9 10
Swing #10 Lee
Effort Volume ↑ ↑↑↑ ↓↓↓ ↑ ↑↑↑ ↓ ↓↓ ↑ ↓↓ ↑↑↑ Swing #12 11 12 13 14 15 16 17
Demand ↑↑ ↑↑↑ ↓ ↓ ↑ ↓ =↑ =↑ ↓ ↑↑↑ ↑↑↑ ↓ ↑↑↑ ↑↑↑ ↓↓↓ ↑ ↓↓↓
Supply =↑ ↑↑ ↓ ↑ ↑↑ ↓ ↓ ↑ ↓ ↑ ↑↑ ↑↑ ↑↑↑ ↓ =↑ ↑ ↑
Dominating Effort D>S D>S S>D S>D S>D S>D D>S S>D S>D D>S ↑↑ ↑ ↑↑ ↑↑↑ ↓ ↓ ↓
Result Spread ↑ ↑↑↑ =↑ =↑ ↓= ↑ ↓= ↓ ↓= ↑↑
D>S D>S D>S S>D D>S D>S D>S
Close-to-spread: Bullish Bullish = Bearish Bullish Bullish Bullish = = Bullish
=↑ =↑ ↑↑↑ ↑↑↑ ↓↓↓ ↓↓ ↓
Close-to-close: = Bullish Bearish Bearish Bearish Bearish Bullish = ↓= Bullish
= Bullish Bullish Bearish Bullish Bullish Bullish
Intention (up/down): Up→Yes Up→No Down→No Down→No Up→No Up→No Up→No Up→No Up→No Up→Yes
Bullish Bullish Bullish Bearish =↑ Bearish Bullish
Up→No Up→Yes Up→Yes Down→No Up→No Up→No Up→No
18 19 20 21 22 23 24
↑↑↑ ↑↑↑ ↓↓↓ ↓ ↓↓ ↑↑ ↓↓
↑↑↑ ↑ ↓↓ ↓ ↑ ↑↑ ↑
Swing #6 ↑↑ ↑↑↑ ↓ ↓ ↓ ↑ ↓=
Swing #8
Swing #11 D>S S>D S>D S>D D>S D>S D>S
↑↑↑ = ↓↓ = ↓ ↑ ↓=
Bullish Bullish Bearish Bearish Bullish Bullish Bullish
Bullish Bullish Bearish Bearish = Bullish =↑
Up→No Up→No Down→No Down→No Down→No Up→No Up→No
25 26 27 28 29 30 31
Swing #2 ↑↑↑ ↓↓ ↓= ↑↑ ↓↓ ↑ ↑↑↑
↑↑↑ ↓ ↑↑ ↑↑ ↓ =↑ ↑↑↑
↑↑ ↑ ↓ ↑ = ↑ ↑↑
D>S S>D D>S D>S S>D S>D D>S
Swing #4 Swing #9
↑↑↑ ↓↓ ↑ ↓ ↓ ↓= ↑↑↑
Bullish Bearish Bullish Bullish Bearish Bearish Bullish
Swing #7 Bullish Bearish Bullish Bullish Bearish Bullish Bullish
Up→No Up→No Up→Yes Up→Yes Down→No Up→No Up→Yes
Swing #1 32 33 34 35 36 37
↓↓ =↑ ↓ ↓ ↑↑↑ ↓↓
Swing #5 ↓ ↑ =↑ ↑ ↑↑↑ ↓
↓= ↑↑ ↑↑ ↓= ↑↑ ↓=
Swing #3 D>S S>D S>D D>S D>S D>S
↓↓ ↓ ↑ ↑ ↑↑↑ ↓↓
Bullish Bearish Bearish Bullish Bullish Bullish
Bullish Bearish Bearish Bullish Bullish Bullish
Up→Yes Down→No Down→Yes Up→Yes Up→No Up→Yes

www.WyckoffAnalytics.com Copyright © 2019 Wyckoff Associates, LLC. All Rights Reserved.

 Doug

www.WyckoffAnalytics.com Copyright © 2019 Wyckoff Associates, LLC. All Rights Reserved.

 Rama

www.WyckoffAnalytics.com Copyright © 2019 Wyckoff Associates, LLC. All Rights Reserved.

 Swing #10
Group Exercise - 1
Swing #12

Nilesh
I have few questions around the volume and spread
analysis and will really appreciate if you can cover
these in our next session.
1) Is it fair to assume that in UP swing - intention is UP
and in DOWN swing? or is it Strong/Weak hand
intention that we are tracking here? In selling climax, is
Swing #6 Swing #8 the intention is to stop the decline or move prices
Swing #11
down further?
Also, for bullish or bearish close Bars around
support/resistance, is the intention to break support or
resistance or just a direction of swing Up/Down? for
example, Bar#19 & Bar#20 intentions
Swing #2
2) Advancing / Declining Market schematics for Volume
and Price analysis talk about increase and decrease in
Spreads.
Swing #4 Swing #9
Instead of going by candle schematics, should I
Swing #7 concentrate more on Effort & Result equation for
interpretation?
For example, In Advancing Market schematic (1), in
Swing #1
scenario where spread and volume both are increasing,
Swing #5 but the close is bearish, then interpretation will be
short term bearish similar to schematic 2.
Swing #3
Is my understanding correct?
3) I found it very hard to decide whether or not supply
or demand is coming from Strong Hands vs Weak
Hands.
Also, considering that some of the institutions can also
be weak hands, it made the matter even more
complicated. How should we think about this?

www.WyckoffAnalytics.com Copyright © 2019 Wyckoff Associates, LLC. All Rights Reserved.

 Bullish Spread and True Range Bearish Spread and True Range Price Spread Analysis

www.WyckoffAnalytics.com Copyright © 2019 Wyckoff Associates, LLC. All Rights Reserved.

 Swing #10
Group Exercise - 1
Swing #12

BAR # ANALYSIS
Effort Volume
Demand
Supply
Dominating Effort
Result Spread
Close-to-spread:
Close-to-close:
Intention (up/down):
Analogue bar(s)
Swing #6 Swing #8
Swing #11

SWING # ANALYSIS
Previous swing of the same bias
Previous swing of the counter bias
Swing #2
Market Behavioral Analysis (Strong/Weak Hands)
CO types:
Swing #4 Swing #9 ITF types:
Professionals:
Swing #7 Public:

FINAL DEDUCTIONS
Swing #1
BIAS
Swing #5 Short-term:
Long-term:
Swing #3 TIMING
CHARACTER
Distance
Target zones
Momentum
Duration

Additional notes:

www.WyckoffAnalytics.com Copyright © 2019 Wyckoff Associates, LLC. All Rights Reserved.